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DeFi Protocol Tender.fi's TND Token Plunges and Then Rebounds After White Hat Hack
A white hat hacker borrowed $1.6 million in assets despite depositing one GMX token.
TND, the native token of decentralized-finance (DeFi) protocol Tender.fi, fell by 34% before recovering on Tuesday after the platform was hit by a white hat hacker.
The token, which trades mostly on decentralized exchange Uniswap, was changing hands at $1.99 when the firm paused withdrawals. It was recently trading at $2.82 after the firm said it is in talks with the hacker.
STORY CONTINUES BELOW
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"We are investigating an unusual amount of borrows that came through the protocol- in the meantime, we have paused all borrowing. Thank you for your patience," the Tender.fi team wrote on Twitter.
Blockchain sleuth Lookonchain said that due to a misconfigured pricing oracle, a white hat attacker borrowed $1.59 million in assets despite depositing only one GMX token worth $71.
A white hat hacker is someone who attacks a platform before returning the loot.
UPDATE (Mar. 7, 12:46 UTC): Updates headline and story, updates token movement.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
